TORONTO and VANCOUVER, British Columbia, Aug. 29, 2019 (GLOBE NEWSWIRE) — Enthusiast Gaming Holdings Inc. (TSX-V: EGLX) (“Enthusiast”) and J55 Capital Corp. (TSX-V: FIVE.P) (“J55”) are pleased to announce that they have obtained a final court order from the Ontario Superior Court of Justice approving the previously announced plan of arrangement under the Business Corporations Act (Ontario). J55 will acquire all of Enthusiast’s issued and outstanding common shares by way of a plan of arrangement under the Business Corporations Act (Ontario) (the “Arrangement”).
Receipt of the final order follows the annual and special meeting of shareholders of Enthusiast (“Enthusiast Shareholders”) held on August 26, 2019, where Enthusiast Shareholders overwhelmingly approved the Arrangement by a special resolution, and the annual and special meeting of shareholders of J55 (“J55 Shareholders”) held on August 26, 2019, where J55 Shareholders unanimously approved the Arrangement by a special resolution.
Pursuant to the Arrangement, holders of common shares of Enthusiast will receive 4.22 post-First Consolidation (as defined in the joint management information circular of J55 and Enthusiast dated July 23, 2019) common shares of J55 for each common share of Enthusiast held.
Closing of the Arrangement remains subject to the satisfaction or waiver of other customary closing conditions, including final approval by the TSX Venture Exchange. Subject to satisfaction of these closing conditions, it is anticipated that the Arrangement will be completed in early September, 2019.
Enthusiast’s stock expects to be halted after markets today, Thursday August 29, 2019 pending the closing of the merger transactions. Enthusiast’s stock is not expected to resume trading as following the Arrangement, Enthusiast will become a subsidiary of J55 and be delisted.